High performance, real-time information retrieval networks are well known in the art, such as the REUTERS MONITOR system employed for transmitting financial transaction information such as stock market information and other trading instrument information to brokers, banks and other subscribers. Such information is normally transmitted in a trading instrument common data stream, such as the data stream commercially available under the designation "REUTERS MARKETSTREAM" described by way of example in the aforementioned commonly owned copending U.S. patent application No. 813,703, which is incorporated by reference herein in its entirety. Such a trading instrument common data stream normally contains a large of number of information categories which professional traders and financial planners use in order to evaluate what action to take in connection with a given financial transaction. However, different professional traders and different financial planners require only certain aspects of the vast number of information categories normally transmitted. Thus, for example, a given professional trader or financial planner might only be interested in the month, high, low and closing price for gold and not be interested in the various other categories associated with the transmission of a trading instrument relative to gold, or he might be interested only in price and volume if he were doing charting or only in closing price if he were doing portfolio evaluation. In such an instance, in conventional prior art systems and methods, the professional trader or financial planner receiving the common data stream must display all of the information relative to the trading instrument in the above example including considerable information which is extraneous to his purpose. This is undesirable, particularly in todays's environment involving the transmission of high volumes of financial instruments which normally undergo a high frequency of changes in price and other characteristics or information catagories including those that are of interest to only certain financial planners or professional traders. Just as was described in the aforementioned copending U.S. patent application with respect to the problems which were overcome by allowing the local user to create its own unique local data base from the pool of available transmitted information, since a local user or subscriber, such as a bank, may not be interested in the entire data base supplied by an information supplier such as Reuters which supplies worldwide information relating to a vast number of financial instruments, the local subscriber may not be interested in displaying all of the information categories relating to the trading instruments which make up its unique local subscriber data base.
In an effort to overcome some of these problems, Reuters developed a Monitor Manipulation Processor for extracting entire pages of data from its REUTERS MONITOR data stream; however, such a system does not readily allow for the creation at the receiver of unique new local trading instrument displayable records which are reconstituted data records different from the transmitted trading instrument data records and tailored to contain and display only the information categories desired by the local subscriber. Moreover, in accordance with the present invention, these new locally identifiable trading instrument displayable data records which are created at the receiving end from the common remotely transmitted trading instrument data stream in accordance with the displayable information needs of the user or local subscriber are dynamically updateable as if they were an originally transmitted data record thereby enabling the local subscriber to create and display his own locally defined trading instruments which are unique subsets of the transmitted trading instruments. This may be accomplished with received transmitted trading instrument data records in a logical data format and/or page display format in which instance they are initially converted to a logical data format through the use of locally created templates and filter sets.
Moreover, although templates per se have been used at a local receiver to match information by a comparison technique, such as disclosed in U.S. Pat. Nos. 4,530,095; 4,507,750; 4,504,735; 4,499,499; 4,488,005; 4,468,204; 4,463,386; 4,388,495; 4,383,135; and 4,336,810, none of these prior art systems known to applicant employs a locally created template to create a new locally identifiable trading instrument displayable data record from a page display format transmitted trading instrument displayable data record nor do they disclose the use of filter sets to create such locally identifiable trading instrument displayable data records comprising reconstituted data records which are different from the transmitted trading instrument data record, nor such newly created records which can be dynamically updated. Thus, the presently preferred method and system of the present invention enables unique user defined locally identifiable trading instrument displayable data records to be created at the receiving end from a common remotely transmitted trading instrument data stream dependent on the displayable information needs of the user or local subscriber. Accordingly, the disadvantages of the prior art are overcome by the system and method of the present invention.